Premium Leisure Corp. (PLC) recognized Php1,804.8 million consolidated revenues for the nine months ended September 30, 2022, increasing by Php535.2 million or 42% from the same period last year.
The improvement in PLC’s revenues is mainly brought about by better and more robust economic activities in 2022 despite the continuing effects of the Covid-19 pandemic in the country.
As of September 30, 2022, PLC’s subsidiary, PremiumLeisure and Amusement, Inc. (PLAI), which earns gaming revenue share from the City of Dreams Manila (CODM), showed an improvement in revenue, which increased by Php479.4 million (50%) to Php1,446.7 million for the 2022 period from Php967.2 million for the 2021 period, because of the gradual improvement in the CODM casino operations and the easing of quarantine restrictions.
Pacific Online Systems Corporation (Pacific Online), a 50.1% owned subsidiary that leases betting equipment for Lotto and KENO games to the Philippine Charity Sweepstakes Office (PCSO), also posted better lease revenues, showing an increase of Php55.8 million (18%) from Php302.3 million as of September 2021 to Php358.1 million as of September 2022. Despite the termination of KENO operations effective April 1, 2022, revenues continued to improve because of the higher Lotto sales during the period driven by the more open economy and the higher jackpot prizes.
PLC’s consolidated expenses decreased by Php52.4 million (7%) from Php725.8 million for the same period in 2021 to Php673.4 million for the current period in 2022. This was brought about by the lower costs for Pacific Online because of the cost efficiency measures put in place and the lower depreciation expense of the Company, offset by the higher general and administrative costs for the period.
PLC recognized Php1,219.8 million net income for the nine months ended September 30, 2022 which is Php320.3 million (36%) higher than the net income of Php899.6 million that was recognized for the same period in 2021.
Operating EBITDA (proxy for cash flow) for the period is at Php1,342.8 million, increasing by 61% than the EBITDA of Php834.6 million as of September 30, 2021.